Asked by: Gary Streeter (Conservative - South West Devon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will investigate the conduct of RBS in relation to interest rate mis-selling to customers deemed to be sophisticated.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
I refer the Hon. Member to the answer that I gave to his question [6699] on 21 July 2015.
Asked by: Gary Streeter (Conservative - South West Devon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will investigate whether senior employees of RBS have acted fraudulently in relation to interest swap arrangements with customers deemed to be sophisticated.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government has been very clear that the mis-selling of financial products is wrong and it is important that those businesses that have been affected are compensated. In May 2013, the Financial Conduct Authority (FCA) launched a redress scheme for small businesses which had been mis-sold Interest Rate Hedging Products (IRHPs). The scheme is now close to conclusion and, to date, 17,000 small and medium-sized enterprises (SMEs) have been through the FCA redress scheme. Of these, 12,000 SMEs have accepted their offer, amounting to over £1.9 billion in payouts. Any investigation would be a matter for the FCA in its role as independent regulator.
Asked by: Gary Streeter (Conservative - South West Devon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will postpone any sales of shares in RBS by UK Financial Investments until all interest rate cases with sophisticated customers have been resolved or subject to an independent inquiry.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
As the Chancellor and the Governor of the Bank of England have said, it is in taxpayers’ interests for the government to begin now to return RBS to private ownership. The Governor has also said, there could be considerable net costs to taxpayers of further delaying the start of a sale. The government is clear that the mis-selling of financial products is wrong and those businesses affected should be appropriately compensated through the Financial Conduct Authority’s redress scheme.
Asked by: Gary Streeter (Conservative - South West Devon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he takes to ensure that no conflicts of interest arise between directors of UK Financial Investments and customers of RBS.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
UK Financial Investment (UKFI) adheres to the Code of Practice as set out by the Office of the Commissioner for Public Appointments, which specifically addresses the issue of actual, potential or perceived conflicts of interest.
In addition, UKFI is subject to the Companies Act 2006, which sets out in detail the legal obligations whereby companies have a legal duty to avoid conflicts of interest
Asked by: Gary Streeter (Conservative - South West Devon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what his policy is towards any director of UK Financial Investments who had not disclosed a conflict of interest in relation to RBS customers.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
UK Financial Investment (UKFI) adheres to the Code of Practice as set out by the Office of the Commissioner for Public Appointments, which specifically addresses the issue of actual, potential or perceived conflicts of interest.
In addition, UKFI is subject to the Companies Act 2006, which sets out in detail the legal obligations whereby companies have a legal duty to avoid conflicts of interest
Asked by: Gary Streeter (Conservative - South West Devon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to reduce VAT on flood defence works carried out by individual householders to help protect their own homes against flooding.
Answered by David Gauke
There are no plans for legislative proposals to reduce VAT on flood defence works.
The Government has responded to the recent floods in a decisive way by offering a package of initiatives, including a “renew and repair” grant of £5,000 to provide financial support for households and businesses.
Details of the new funding schemes for homeowners and businesses in flood hit areas were announced on 20 February by the Prime Minister.
Further information on this is available on the UK Government web-site at
www.gov.uk/government/news/pm-announces-details-of-flood-support-packages.